Accounting 1 Strands & Standards Exam

Front

Which term is associated with "left" or "left-side"? Options: Debit, Plus, Minus, Credit

Back

Debit

Front

Revenues minus expenses equals:

Back

Net Income

Front

What will usually cause the liability account Accounts Payable to increase?

Back

Credit

Front

What accounting principle is illustrated by Mrs. Do having separate financial reports for her businesses, Do Laundry Shop and Do Convenience Store?

Back

Business Entity

Front

Financial statements are prepared with the expectation that a business will remain in operation indefinitely.

Back

Going Concern

Front

What principle is illustrated by the recording of revenue on June 25 for a service rendered, even though the payment was collected later on July 4?

Back

Revenue Recognition

Front

What are the accounting rules used to prepare, present and report financial statements called?

Back

Generally Accepted Accounting Principles

Front

The first step in the recording process is to

Back

analyze each transaction for its effect on the accounts.

Front

After transaction information has been recorded in the journal, it is transferred to the

Back

ledger.

Front

Transactions are recorded in a journal in chronological order.

Back

True